External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Mindtree (MTCL) has reported revenue growth of over 5% QoQ (CC) for the fifth consecutive quarter in Q4FY22.</li><li>Revenue stood at US$384mn, growing at 5.2% QoQ (CC) and 4.8% QoQ (US$) (Isec: 4.9%, Cons: 4.3%).</li><li>Margin performance was impressive with EBIT margin at 18.9%, -30bps QoQ (Isec: 18.1%, Cons: 18.8%), above our estimates.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mindtree (MTCL) has reported revenue growth of over 5% QoQ (CC) for the fifth consecutive quarter in Q4FY22.Revenue stood at US$384mn, growing at 5.2% QoQ (CC) and 4.8% QoQ (US$) (Isec: 4.9%, Cons: 4.3%).Margin performance was impressive with EBIT margin at 18.9%, -30bps QoQ (Isec: 18.1%, Cons: 18.8%), above our estimates.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mindtree: Impressive Disciplined Execution

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>MTCL reported a revenue of USD384m (+5.2% QoQ CC) in 4QFY22.</li><li>Reported revenue grew 4.8% (inline), driven by broad-based growth across verticals and regions.</li><li>Deal TCV rose 9% QoQ to USD390m in 4QFY22.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MTCL reported a revenue of USD384m (+5.2% QoQ CC) in 4QFY22.Reported revenue grew 4.8% (inline), driven by broad-based growth across verticals and regions.Deal TCV rose 9% QoQ to USD390m in 4QFY22.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mindtree: Reassuring Performance, Valuations Full

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Mindtree reported strong revenue growth of 5.4% QoQ and stood at Rs 2,897 Cr in Q4FY22, reporting revenue growth of 49.1% YoY.</li><li>The company posted operating profits of Rs 608 Cr, registering a growth of 2.7% QoQ, demonstrating the company’s superior execution and better service mix</li><li>We recommend a BUY on the stock and assign 35x P/E multiple to its FY24E earnings of Rs 135.8/share to arrive at a TP of Rs 4,830/share, implying an upside potential of 22% from CMP.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mindtree reported strong revenue growth of 5.4% QoQ and stood at Rs 2,897 Cr in Q4FY22, reporting revenue growth of 49.1% YoY.The company posted operating profits of Rs 608 Cr, registering a growth of 2.7% QoQ, demonstrating the company’s superior execution and better service mixWe recommend a BUY on the stock and assign 35x P/E multiple to its FY24E earnings of Rs 135.8/share to arrive at a TP of Rs 4,830/share, implying an upside potential of 22% from CMP.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mindtree: Robust Revenue Growth; Better Execution

<ul>
<li>Axis Top Picks basket has delivered an astounding return of 127% since its inception, notably beating the 89% return reported by the benchmark Nifty 50 Index over the same period</li>
<li>Pick of the Week (PoW): PoW delivered an excellent monthly strike rate of 77% in Mar’22</li>
<li>Axis Alpha: Axis Alpha continues to deliver robust returns with absolute profits of over 4.2 Lc since its inception. It reported a healthy cumulative strike rate of 68% in Mar’22.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Axis Top Picks basket has delivered an astounding return of 127% since its inception, notably beating the 89% return reported by the benchmark Nifty 50 Index over the same period
Pick of the Week (PoW): PoW delivered an excellent monthly strike rate of 77% in Mar’22
Axis Alpha: Axis Alpha continues to deliver robust returns with absolute profits of over 4.2 Lc since its inception. It reported a healthy cumulative strike rate of 68% in Mar’22.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Research Scorecard Report - Mar 2022

<ul><li>Mindtree has a focused strategy to capitalize on the demand scenario. The company intends to focus on five verticals</li><li>The management also has a strong focus on developing expertise in four service lines including Customer Success, Data Intelligence, Cloud, and Enterprises IT</li><li>We recommend a BUY on the stock and assign 38x P/E multiple to its FY24E earnings of Rs 140.2/share to arrive at a TP of Rs 5,310/share, implying an upside potential of 39% from the CMP</li></ul><div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

Mindtree has a focused strategy to capitalize on the demand scenario. The company intends to focus on five verticalsThe management also has a strong focus on developing expertise in four service lines including Customer Success, Data Intelligence, Cloud, and Enterprises ITWe recommend a BUY on the stock and assign 38x P/E multiple to its FY24E earnings of Rs 140.2/share to arrive at a TP of Rs 5,310/share, implying an upside potential of 39% from the CMPContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mindtree: Robust Multi-Pronged Strategy To Capitalize On Healthy Demand

India

Mindtree Limited is an international IT company. The Company delivers business and technology solutions through global software development. Mindtree develops applications to help companies enhance their enterprise operations. The Company also delivers product-development services and designs reusable building blocks for high-tech companies.

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Mindtree Ltd (MTCL IN)

Mindtree: Impressive Disciplined Execution

Mindtree (MTCL) has reported revenue growth of over 5% QoQ (CC) for the fifth consecutive quarter in Q4FY22.Revenue stood at US$384mn, growing at...

ICICI Securities Limited

Mindtree: Reassuring Performance, Valuations Full

MTCL reported a revenue of USD384m (+5.2% QoQ CC) in 4QFY22.Reported revenue grew 4.8% (inline), driven by broad-based growth across verticals...

Motilal Oswal

Mindtree: Robust Revenue Growth; Better Execution

We recommend a BUY on the stock and assign 35x P/E multiple to its FY24E earnings of Rs 135.8/share to arrive at a TP of Rs 4,830/share, implying...

Axis Direct

Axis Research Scorecard Report - Mar 2022

Axis Top Picks basket has delivered an astounding return of 127% since its inception, notably beating the 89% return reported by the benchmark...

Axis Direct

Mindtree: Robust Multi-Pronged Strategy To Capitalize On Healthy Demand

We recommend a BUY on the stock and assign 38x P/E multiple to its FY24E earnings of Rs 140.2/share to arrive at a TP of Rs 5,310/share, implying...

Axis Direct

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